Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,838. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,466.47. What is the total amount of taxes withheld from the Portia's earnings

$2142.57

Explanation:

-The first step is to calculate the security tax and Medicare tax

If the total earning of Portia grant for the month of January is $8,838 then the security tax and FICA Medicare tax can be calculated as follows

Security tax= 6.2/100×8,838

= 0.062×8,838

= 547.95%

Medicare tax= 1.45/100×8,838

= 0.0145×8,838

= 128.15%

-The next step is to calculate the total amount of taxes

The SUTA and FUTA taxes is the amount of tax that is paid by the owner of the organization and as such they are not included in Portia's earning

If the Federal income tax withheld is $1,466.47 then, the total amount of tax withheld from Portia's earning can be calculated as follows

= 547.95+128.15+1,466.47

= $2142.57

Hence the total amount of taxes withheld from Portia's earning is $2142.57

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi